MicroStrategy Resumes Buying Spree By Splashing Another $147M On Bitcoin ⋆ ZyCrypto

MicroStrategy Has Been On A Relentless Bitcoin Buying Spree, But Are They Really On The Right Track?

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MicroStrategy has sent a bullish sign to the crypto market after announcing the purchase of another huge Bitcoin cache.

The business intelligence software developer put another $147 million into Bitcoin, boosting its crypto stockpile to a whopping 158,245 BTC.

MicroStrategy Increases BTC Holdings

Michael Saylor’s MicroStrategy has added more Bitcoins to its already substantial holdings.

According to a regulatory filing submitted on Monday, the Virginia-based firm and its subsidiaries bought approximately 5,445 Bitcoin for about $147.3 million in cash between August 1 and September 24. The coins were purchased at an average price of $27,053 per coin, inclusive of fees and expenses.

With the most recent acquisition, MicroStrategy’s haul has ballooned to an aggregate of about 158,245 Bitcoin purchased at an average purchase price of around $29,582 per BTC. The company funded the investment through the sale of 403,362 MSTR shares. MicroStrategy revealed in August that it planned to raise up to $750 million by selling more stock, and intended to use some of the proceeds to buy more BTC.

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MicroStrategy has spent approximately $4.68 billion to grow its coffers, becoming the world’s biggest corporate holder of BTC. 

$4.1 Billion In BTC

MicroStrategy’s continued accumulation of Bitcoin once again underscores the firm’s strong conviction in the asset as a store of value and a long-term investment. Nonetheless, the protracted bear market also indicates that MicroStrategy’s stash is in red.

With BTC trading around $26,165 at publication time, down around 4% over the past seven days, the value of BTC on MicroStrategy’s balance sheet presently stands at just over $4.1 billion.

The company, founded by crypto evangelist Michael Saylor, purchased 12,333 BTC for roughly $347 million in June 2023 at an average purchase price of $29,668 per coin.

Saylor relinquished his role as CEO of MicroStrategy in August 2022. He was replaced by MicroStrategy’s president, Phong Le. Saylor retained his position as the publicly-traded company’s executive chairman to focus on “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives.”

Source: https://zycrypto.com/microstrategy-resumes-buying-spree-by-splashing-another-147m-on-bitcoin/